Transform Wealth LLC Purchases Shares of 107,375 Skechers U.S.A., Inc. (NYSE:SKX)

Transform Wealth LLC acquired a new stake in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 107,375 shares of the textile maker's stock, valued at approximately $7,186,000. Transform Wealth LLC owned approximately 0.07% of Skechers U.S.A. at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Redmont Wealth Advisors LLC acquired a new stake in shares of Skechers U.S.A. in the 1st quarter worth $25,000. Bessemer Group Inc. increased its position in Skechers U.S.A. by 66.7% during the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker's stock worth $25,000 after purchasing an additional 164 shares during the last quarter. UMB Bank n.a. raised its stake in Skechers U.S.A. by 423.3% during the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker's stock worth $30,000 after purchasing an additional 364 shares during the period. Game Plan Financial Advisors LLC acquired a new position in Skechers U.S.A. in the 1st quarter valued at about $43,000. Finally, Versant Capital Management Inc grew its stake in shares of Skechers U.S.A. by 2,809.1% in the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker's stock valued at $44,000 after buying an additional 618 shares during the period. Institutional investors and hedge funds own 79.96% of the company's stock.

Skechers U.S.A. Stock Down 0.7 %

SKX stock traded down $0.46 during midday trading on Wednesday, hitting $62.71. The company's stock had a trading volume of 2,496,010 shares, compared to its average volume of 1,829,835. Skechers U.S.A., Inc. has a 52-week low of $45.58 and a 52-week high of $75.09. The firm has a 50-day simple moving average of $66.13 and a 200-day simple moving average of $66.04. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $9.56 billion, a P/E ratio of 16.72, a PEG ratio of 0.95 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its earnings results on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.04). The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.24 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The company's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.98 earnings per share. As a group, equities analysts forecast that Skechers U.S.A., Inc. will post 4.17 EPS for the current year.

Skechers U.S.A. declared that its board has approved a stock repurchase program on Thursday, July 25th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the textile maker to reacquire up to 10.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have recently commented on SKX shares. Barclays lifted their price target on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the company an "overweight" rating in a research report on Friday, July 26th. Morgan Stanley raised Skechers U.S.A. from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $60.00 to $80.00 in a research note on Tuesday, July 23rd. Bank of America cut their price objective on Skechers U.S.A. from $87.00 to $81.00 and set a "buy" rating for the company in a research report on Monday, September 23rd. Wedbush upped their target price on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an "outperform" rating in a research report on Friday, July 26th. Finally, Evercore ISI lifted their price target on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the company an "outperform" rating in a research report on Friday, July 26th. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $77.55.

Skechers U.S.A. Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.